QBCC Licensing can be a Nightmare but it is Getting Easier
The QBCC regulates the building industry in Queensland with the objective of maintaining proper building standards throughout the state. Part of their role is to administer the licensing regime. Depending on turnover licensee's had a range of licensing obligations including legal deed's of covenant and accounting formalities. The good news is that the QBCC has recognised this burden was often costly and added little protection to the regime so they have introduced what is essentially a "self certification" process. The self certification process replaces the need to provide financial information at the annual review. We think this is a good development and should reduce the burden of your annual license renewal.
If your livelihood relies on you keeping your QBCC license compliant then this is important information and there are some important things to understand about the new regime.
- Licensee's are now required to monitor their financial performance quarterly to ensure they meet the Minimum Financial Requirements at all times.
We can help you with this review if we prepare your BAS returns so Please give Carol Vella in our office a call on 5439 1600 to organise for this to be done. If you prepare your own BAS returns or don't wish to provide assistance then you should familiarise yourself with the Minimum Financial Requirements of your license category and record your review and results each quarter.
- At annual renewal time, there is no need to provide financial information unless one of the following has occurred:
- Your Income goes over 10% of your MR Category
- Net Tangible Assets decreases by 30%
- Current Ratio is it goes under 1%
- Registration for a new licence
- Audit by the commission.
If you are unsure of what these specific requirements mean then we are here to help. Please give Carol Vella in our office a call on 5439 1600.
More information can be found on the QBCC website (www.qbcc.qld.gov.au) or by calling our in house expert, Carol Vella, her number is 5439 1600.